Contributing to the revitalization of the City of
Hollywood, the American Cinematheque has restored/renovated the historically significant
1922 Egyptian Theatre which is now the
American Cinematheque's permanent home, as well as a major Hollywood landmark and
state-of-the-art showcase theater.

A landmark Hollywood movie theater where Sid Grauman staged the first
Hollywood premiere has made a Hollywood-style comeback.

Through the efforts of the American Cinematheque and the Community
Redevelopment Agency (CRA), Hollywoods Egyptian Theatre once again rolls out the red
carpet and klieg lights as the new home for the Cinematheque, a non-profit film theater
showcasing classic films, documentaries, independent film and world cinema.

Approved by the Los Angeles City Council on Sept. 17, 1996, the CRA
agreement allowed for the sale of the complex for a nominal $1 fee and provides a $3
million repair grant to facilitate the rehabilitation of the complex. The remainder of the
funding necessary to complete the $9 million project includes a $2 million loan of federal
funds from the Commercial Industrial Earthquake Recovery Loan Program (CIERLP)
administered by the CRA, and American Cinematheques existing equity funds of $1
million. Additional fund-raising efforts by the American Cinematheque will cover the
remaining costs of construction.

Councilmember Jackie Goldberg, who represents Hollywood in the 13th
council district, played an active role in structuring the deal and has expressed strong
support for the project.

"The revival of the Egyptian Theater is a redevelopment success
story," said Christine Essel, CRA board chair. "Bringing back the Egyptian means
bringing back Hollywood Boulevard, not only as an entertainment capital." The
Egyptian joins the top-grossing El Capitan movie theater as another major addition and
tourist attraction along the world-famous boulevard," said Essel.

The Egyptian Theatre was ready for its close-up and gala premiere on
December 4, 1998.

"Well be bringing a large audience with us to the boulevard,
" said Executive Director Barbara Smith, who expects the showcase to attract a very
sizable share of the estimated 9 million tourists who visit the Walk Of Fame each year.
Ten years in the search for a permanent home that included the Pan Pacific Auditorium
destroyed by fire in the 1980s, the American Cinematheque is currently playing to
sold-out audiences at its temporary home at Raleigh Studios.

"We will produce a film on
the history of Hollywood that will run daily at the theater," said Smith. Full-scale programming in the evening will feature documentaries, independent
films, classic film festivals and premiere screenings.

The Santa Monica- based architectural firm of Hodgetts+Fung led the
restoration, which was constructed by The Turner Construction Company.

Plans called for a sub-division of the auditorium into a 618-seat
theater and a 83-seat screening room. The restoration included removal of modern-day
additions to the courtyard and lobby, restoration of the 1935 blade sign and the 1944
steel structural marquee, restoration of the portico and relocation of the ticket booth,
rehabilitation of the retail storefronts closed in 1938, preservation and repair of the
historic ceilings and restoration of the a 1922 theater organ for concerts from the ornate
organ loft.

The 40,000-square-foot- theater complex, located at 6712 (&
6708 which is the address of retail space on the property) Hollywood Boulevard, currently
consists of an operational 618-seat theater, a 6,700-square-foot tiled courtyard and a
3,080-square-foot retail building. The CRA launched preservation efforts by acquiring the
property on Feb. 2, 1993. The theater was designated a City of Los Angeles
Historic-Cultural Monument No. 584 on September. 23, 1993.

The Egyptian Theater opened in 1922 and was operated by Sid Grauman, who
later built the world famous "Graumans Chinese" across the street.
Hollywoods first premiere, "Robin Hood"
starring Douglas Fairbanks, lit up the movie palace with a multitude of stars, flashing
lights and red carpet, which set the stage for every movie premiere held thereafter.

(This article was originally written in 1996 and has been updated to
some extent to indicate that the theatre has since opened.)